Range breakouts are hard for me to trade, particularly to the down side where you just know there is going to be be a v shaped reversal triggered by the algos at some point. Sticking to my theory, this close to end of quarter too many bonus checks are on the line and upper management is looking at the incoming retirement account money. I think odds favor the bears after the 4th of July four day weekend. Then in August we get the total eclipse of the sun, that ought to be good for somebody showing market correlations.

WASHINGTON (June 20, 2017) – The Chemical Activity Barometer (CAB), a leading economic indicator created by the American Chemistry Council (ACC), was flat in June following a 0.2 percent gain in May, and a 0.3 percent gain in April. This marks a slowing from the average 0.5 percent first quarter monthly gain. Compared to a year earlier, the CAB is up 4.3 percent year-over-year, a modest yet continued slowing. All data is measured on a three-month moving average (3MMA).

On an unadjusted basis the CAB marked a 0.1 percent decline in June. On a year-over-year basis, the unadjusted CAB is up 3.6 percent, also an easing from the previous five months.

The Chemical Activity Barometer has four primary components, each consisting of a variety of indicators: 1) production; 2) equity prices; 3) product prices; and 4) inventories and other indicators.

In June, three of the four broad categories improved, as did the diffusion index (number of positive contributors relative to total indicators monitored), which rose to 65 percent from 53 percent in May. Production-related indicators were mixed to positive along with positive equity prices and inventory. Input and product prices were mixed to negative.

The Chemical Activity Barometer is a leading economic indicator derived from a composite index of chemical industry activity. The chemical industry has been found to consistently lead the U.S. economy’s business cycle given its early position in the supply chain, and this barometer can be used to determine turning points and likely trends in the wider economy. Month-to-month movements can be volatile so a three-month moving average of the barometer is provided. This provides a more consistent and illustrative picture of national economic trends.

Value still at 2442/43 - touching VWAP from below but not breaking thru it (yet). If you want to see patterns there could be an inverted H&S with target ~ 45 But we could first dip to ~ 40 to find more buyers... what do I know..

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